CESTAT Chennai: Penalty under section 76 overturned, found mutually exclusive with section 78

The Appellate Tribunal CESTAT, Chennai overturned a penalty of Rs. 1,20,000 imposed on the assessees under section 76 of the Finance Act, 1994. The penalty under section 76 was set aside as it was found to be mutually exclusive with the penalty under section 78. The appeal was allowed.

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The Appellate Tribunal CESTAT, Chennai overturned a penalty of Rs. 1,20,000 imposed on the assessees under section 76 of the Finance Act, 1994. The penalty under sections 76 and 78 was found to be mutually exclusive, leading to the penalty under section 76 being set aside. The appeal was allowed.

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